MIRA INFORM REPORT

 

 

Report Date :

01.07.2011

 

IDENTIFICATION DETAILS

 

Name :

A ONE TEX

 

 

Registered Office :

No.20, Vinayaga Nagar, K K Nagar, Madurai – 625020, Tamilnadu

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Year of Establishment :

1986

 

 

Capital Investment / Paid-up Capital :

Not Available

 

 

IEC No.:

2888004143

 

 

Legal Form :

Partnership Concern with an Unlimited Liability of the Partners.

 

 

Line of Business :

Manufacturers and Exporters of Terry Towels and Various Other Products.

 

 

No. of Employees :

5 (Approximately) Factory - Outsourced

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (46)

 

RATING

STATUS

PROPOSED CREDIT LINE

 

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established partnership concern having satisfactory track records. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments.

 

The concern can be considered normal for business dealings at usual trade terms and conditions.

 

 

NOTES:

 

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – April 1, 2010

 

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

A1

A1

 

 

 

 

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION PARTED BY

 

Name :

Mr. Balaji

Designation :

Office Assistant

Contact No.:

91-452-4391317

Date :

29.06.2011

 

 

LOCATIONS

 

Registered Office :

No.20, Vinayaga Nagar, K K Nagar, Madurai – 625020, Tamilnadu, India

Tel. No.:

91-452-4391317

Mobile No.:

91-9344104284 (Mr. Bipin Mulji Thakkar)

Fax No.:

91-452-4391318

E-Mail :

admin@aonetex.in

Website :

http://www.aonetex.in

 

 

Factory :

Dedicated Factories at Sankarankovil, Tirunelveli District from whom they sources their products.

 

 

PARTNERS

 

Name :

Mr. Bipin Mulji Thakkar

Designation :

Managing Partner

 

 

Note:

Wife of the above mentioned and his son are Dormant Partners.

 

 

KEY EXECUTIVES

 

Name :

Mr. Balaji

Designation :

Office Assistant

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturers and Exporters of Terry Towels and Various Other Products.

 

 

Products :

1. Terry towels

2. Kitchen towels

3. Bath towels

4. Beach towels

5. Home textiles

6. Workers wear apron

7. Institutional towels

8. Hospital towels

9. Made ups

10. Thermal blankets

11. Dobby blankets

12. Jacquard blankets

13. Weaffle blankets

14. Plain or weave bleached blankets

 

 

Exports :

 

Products :

Towels

Countries :

·         Germany

·         USA

 

 

Terms :

 

Selling :

L/C, Credit (30 days)

 

 

PRODUCTION STATUS (AS ON 31.03.2010)

 

Particulars

 

Installed Capacity

Actual Production

 

 

 

 

150 tons per month

 

160 tons

Full Capacity

 

 

 

 

 

 

GENERAL INFORMATION

 

Customers :

Wholesalers, Retailers and End Users

 

 

No. of Employees :

5 (Approximately) Factory - Outsourced

 

 

Bankers :

·         Union Bank of India

·         Canara Bank

 

 

 

Banking Relations :

--

 

 

Auditors :

Not Available

 

 

CAPITAL STRUCTURE

 

Capital Investment :

 

Owned :

Not Available

Borrowed :

Not Available

Total :

Not Available

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

Particulars

 

 

 

31.03.2011

Sales Turnover (Approximately)

 

 

48.900

 

 

The above information has been parted by Mr. Balaji 

 

Note: Sole Proprietory and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry Records.

 

 

LOCAL AGENCY FURTHER INFORMATION

 

TRADE REFERENCE:

 

·         C. W. Logistics

700 Rockway Turnpike, Lawrence NY 11559, USA

 

 

COMPANY PROFILE:

 

This is a partnership firm started in the year 1986 by Mr. Bipin Mulji Thakkar. They are the ultimate name in towels of any kind. They procure their stock from Sankarankovil. They have dedicated factories in Sankarankovil, Tirunelveli Dist who produce the towels as per the specifications of subject. The production is thus outsourced but quality control is by subject and thus the quality of the products are maintained. They have the capacity to source 100 tons per month on ordinary orders and stretch upto 150 tons a month if they get special or orders. The products they deal in are:-

 

1. Terry towels

2. Kitchen towels

3. Bath towels

4. Beach towels

5. Home textiles

6. Workers wear apron

7. Institutional towels

8. Hospital towels

9. Made ups

10. Thermal blankets

11. Dobby blankets

12. Jacquard blankets

13. Weaffle blankets

14. Plain or weave bleached blankets

 

They export their towels to Germany and USA. They do no do any imports. They have very little local selling. The looms being used by their factories are traditional semi automatic terry to automatic terry and non terry looms. They use numerous different combinations of weaving and processing to produce different qualities of towels.

 

Their turnover is about 50.000 Millions and their bankers are Union Bank of India, Main and Canara Bank.

 

A medium sized reputed firm. There is no way to assess their financial strength and caution advised in all financial dealings with them. Orders may be placed against LCs or documents may be negotiated thru bank.

 

They have registered themselves on Tradeindia India’s biggest B2B portal and are happy with the orders they get thru them. However most of the orders they get all repeat orders from their usual customers. There is no dearth of orders at all and the firm is booked for the full of 2011.

 

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                  None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                          None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                          None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.72

UK Pound

1

Rs.71.95

Euro

1

Rs.64.79

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

NO

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

YES

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

46

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

-

NB

                                       New Business

 

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.